RRA SELLS TWO REDEVELOPMENT SITES ON THE 4200 BLOCK OF CHESTNUT STREET IN UNIVERSITY CITY FOR $20,500,000
Rittenhouse Realty Advisors is pleased to announce the sale of two redevelopment sites on the 4200 block of Chestnut Street in the University City neighborhood of Philadelphia. 4233 Chestnut Street, a 37,627 SF parcel and 4219-4223 Chestnut Street, a 12,441 SF parcel are both zoned CMX-4, which is favorable for multi-family, student housing or mixed-use development.
University City has experienced significant development recently. According to the University City District’s 2019 report: “in the past year, 26 new development projects in University City opened their doors or made significant progress towards completion. Together, this represents 4.5+/- million square feet of office, residential, academic, research, restaurant and medical space that will enhance the neighborhood’s already robust inventory.”
“University City is one of the strongest markets in Philadelphia,” noted Ken Wellar, Managing Partner at RRA. “We continue to see the growth of the University of Pennsylvania and Drexel University driving the demand for housing in this submarket and driving growth and redevelopment further west.”
The University City submarket has excellent occupancy and is one of the most walkable and bikeable neighborhoods in Philadelphia. Both sites are within walking distance to parks, cafes, and restaurants, as well as to SEPTA’s Market/Frankford train line to Center City, Philadelphia. Mark Duszak, Director at RRA, stated: “Trends being seen in University City include growing household incomes and a growing job market. There is a rising demand for quality market-rate housing.”
Rittenhouse Realty previously sold The Netherlands (61 apartment units) at 4300 Chestnut Street. The firm is currently offering 4236-38 Chestnut Street and 4205-07 Chestnut Street for sale.